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Apple (AAPL) lost its title as the world's most valuable public company on Tuesday after the stock slid the day before steep tariffs on Chinese imports were scheduled to take effect.
Apple shares fell 5% on Tuesday, pushing the iPhone maker's market capitalization to less than $2.6 trillion, compared with software maker Microsoft's (MSFT) $2.65 trillion.
Apple shares have lost over a fifth of their value in the four sessions since President Trump announced he would increase the tariff rate on Chinese goods by 34% starting April 9. After China responded last week with its own 34% tariff on U.S. goods, Trump said he would raise tariffs on Chinese goods an additional 50%.
Apple, which assembles an estimated 90% of its products in China, won exemptions during the first Trump administration's U.S.-China trade war. It's had no such luck this time around.
Worries about the company's reliance on China have made its stock the worst-performing of the Magnificent Seven in the last week. Tesla (TSLA), the group's second-worst performer, has declined about 21.5% since Trump's tariff announcement. Amazon (AMZN), Nvidia (NVDA), and Meta Platforms (META) have all declined between 12% and 13% over the same period, while Alphabet (GOOG) and Microsoft have fallen 7.7% and 7.2%, respectively.
Apple's slump has wiped nearly $775 billion off the company's market value. That's more than Tesla's market cap and greater than those of all but seven U.S. companies (including Apple itself).
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